Chinese shares closed slightly higher on Thursday, supported by the financial sector, while the Hong Kong market closed lower as investors digested Beijing’s latest plans to encourage insurers to buy mainland-listed shares.
At the close, the Shanghai index rose 0.51%, while the CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, rose 0.18%. Hong Kong’s Hang Seng Index fell 0.4%.
Insurance companies, banks and the financial sector grew by 3.5%, 2.3% and 1.9% respectively.
China announced further measures to strengthen its stock market on Wednesday.
Under the plan jointly released by six financial regulatory bodies, including securities regulators, large state-owned insurance companies will be asked to increase the size and proportion of their investments in A-shares and mainland-traded Chinese stock funds.
Wu Qing, head of the China Securities Regulatory Commission, said Thursday that the plan will bring in hundreds of billions of yuan of new capital each year from state-owned insurers.
It also involves mentoring mutual fund managers to grow equity funds under their management.
The measures, which follow US President Donald Trump’s threat to impose 10% tariffs on Chinese imports, temporarily improved market sentiment.
But lingering concerns about U.S. tariff threats and domestic economic growth prospects subsequently offset some of the optimism.
. In TOKYO the Nikkei index advanced by 0.79%, to 39,958 points.
. In HONG KONG the HANG SENG index fell by 0.40% to 19,700 points.
. In SHANGHAI the SSEC index gained 0.51%, to 3,230 points.
. The CSI300 index, which brings together the major companies listed in SHANGHAI and SHENZHEN, advanced by 0.18%, to 3,803 points.
. In SEOUL the KOSPI index fell by 1.24% to 2,515 points.
. In TAIWAN, the TAIEX index had no trades.
. IN SINGAPORE the STRAITS TIMES index rose by 0.67%, to 3,806 points.
. In SYDNEY the S&P/ASX 200 index fell by 0.61% to 8,378 points.
Source: Terra
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